Back on December 20th, I noticed that BTC has started a shift towards going up. When you gain enough experience you'll see these shifts the day they happen and you start cashing in on them right away. I was making a case against the tide, footprints of a pivot are very subtle and most analysts can't see them. The consensus was that we were going down some more, my view was that we were building a temporary bottom. You have to know which time frames to use and how to draw proper trend lines to spot shifts like the one we had. Once you become an experience analyst it is really hard to fool you, you will know that we are going down even if we appear to be going up and likewise.
WHAT IS HAPPENING NOW? BTC is continuing a steady rise, so what makes a coin go up in price in terms of technical analysis? Easy, it's a snowball effect. There are buy orders stacked above all of the barriers that you see in the chart above, such as the 50 moving average and the trend line. As soon as we successfully go over each obstacle the buy orders kick in and when that happens price goes up, when the price goes up more buyers come in and they push the price over the obstacles and so on... Now that you understand how that works let's get back to what is happening now. BTC did jump over the 50MA on the 1-day chart so potentially this will create a very strong support area. If we stay on this path a long green candle may be generated and that will try to reach the 100 moving average. Between here and the 100 moving average there is not much of an obstacle, so it is very reasonable to think we will go for it.
Keep this in mind: As a trader when do you start making money? When consensus points in one direction but you properly read the chart and you know it is going the other.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
NOW, THE LEGEND; Support trend lines are green Resistance trend lines are Red Horizontal support lines are white, the thicker the stronger the support 50 Moving Average is yellow 200 Moving Average is white
THE TREND: Building a possible bottom THE OUTLOOK: A rally may be coming soon.
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A few hours ago I told you lads that this long green candle was coming. Well... There it is.
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Ok, here it is we are in the thick of it, you now have a perfectly clear idea of what's happening and what we are waiting for. Doesn't feel good to be in the loop? We've hit 2 out of 3 targets so far and we are waiting for the 3rd target. If we get to the last target too fast we should set a stop loss near the top. Why? if we go up too fast we'll come down faster. Please do not put in the rest of your capital. Save it for later.
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Everything I posted about last week has gone full circle. As you remember BTC had to move over $7600 to avoid generating a third red candle under the 50MA and at the right time and just like that BTC jumped over the 50MA. I really hope you kids are paying attention.
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Just to give you an idea of how to start gathering clues in real time.
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1000% right on the nose. We hit the 23.6% and up we've gone.
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PLEASE KEEP HITTING THE LIKE BUTTON FOR THIS POST TO STAY UP TOP
BTC has made a choice and we keep moving up.
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Switching now to the 3 day chart to show you all where the next obstacles are.
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PLEASE KEEP HITTING THE LIKE BUTTON FOR THIS POST TO STAY RELEVANT!
Back to the one day for an overview. We've had 2 days of pure joy so far. Overall 4 green candles got us to this point. Expect some pullback, Why? the max amount of candles of the same color is 7. With that said, 3 is normal 5 is rare, 7 max before BTC generates a candle of the other color.
I mirror some of the comments below. I have some experience trading but I was developing some bad habits and trading short term time frames and getting into trouble/ losing money. I really appreciate the simplicity of your long term/ macro perspective and the regular updates. Really helps remove all the noise (there's so much in crypto lol) and to develop confidence again. Thanks again.
Question: Do you plan to sell your positions at the short term goal/ 200 day ma? Or is it a wait and see how price reacts at that point?
cryptoGats
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@sasquatron, good question, if it goes up too fast yes sell because it will come down faster. If it goes up slow Hold.
Queen_B
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Thank you I just started following you and I do know some TA about trend lines and EMAs so I understand your charts but I was taught swing trade and I really appreciate your long term analysis, I believe that’s called macro trading. I can’t wait to learn more from you
cryptoGats
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@Queen_B, glad you are here Queen B. Thank you for taking the time to participate.
sojournersoul
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Thanks, @cryptoGats! You are a God send! The lads AND this gal appreciate your dedication to helping us keep our eye on the big picture. I only wish I had found you sooner :( The bulk of my capital is in higher then I like it to be at this point but I have picked up a few more coins to my major alt bags at these lower prices. I've learned so much from you these last few months and am no longer riddled with anxiety over what seemed to be a constant guessing game. You have brought order to the chaos. Thank you!
cryptoGats
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@sojournersoul, Those are some really nice words, and I thank you. I got back into this game to help out people in scenarios like yours. The first step is to stop the loses, the second to learn properly and the third to make consistent profits. I have a website opening soon that will speed up this process. Hopefully I will see you there soon.